Saturday, Jan 19, 2008
Reminiscences of the Whitewater Scandal in Mena, Arkansas?
Bloomberg: Appraiser Exposes Toxic Debt Tie to Inflated Values
The Georgia case in which Perez testified hinged on 300 inflated appraisals, according to Assistant U.S. Attorney Barbara Nelan. Hill and companies he controlled bought 50 houses and 250 condominiums and made money by recruiting straw buyers to repurchase the properties at inflated prices.
Even before Perez pleaded guilty, he paid for bucking the system, said his lawyer, Page Pate.
``He liked the steady stream of business,'' said Pate. ``My client refused to inflate a few appraisals and they cut him off for a long time.''
Posted by lvmreader @ 04:27 PM (214 views) Add Comment
2 Comments
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1. quiet guy said...
Nice post lvmreader; a good illustration of two of those timeless human attributes: greed and stupidity. I wonder how much graft there has been in the UK housing market? Quite a lot in some places I'd guess.
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